WTI oil futures hit session low after Empire State survey disappoints
Investing.com
Published Nov 17, 2014 08:51AM ET
WTI oil extends losses after Empire State survey disappoints
Investing.com - West Texas Intermediate oil futures hit the lowest levels of the session on Monday, following the release of disappointing data on manufacturing activity in the New York-region.
On the New York Mercantile Exchange, crude oil for delivery in January lost 75 cents, or 0.99%, to trade at $75.07 a barrel.
Nymex oil fell to $73.25 a barrel on Friday, the lowest level since September 2010.
The Federal Reserve Bank of New York said that its general business conditions index increased to 10.2 this month from a reading of 6.2 in October. Analysts had expected the index to rise to 11.1 in November.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for January delivery dropped $1.00, or 1.26%, to trade at $78.41 a barrel.
London-traded Brent futures hit $76.76 a barrel on Friday, a level not seen since October 2010.
Concerns over the global economic outlook were amplified after data showed that Japan's economy contracted by an annualized 1.6% in the third quarter, following a 7.3% decline in the previous quarter. Economists had forecast a 2.3% increase.
Japan is the world's fourth-biggest crude importer.
Meanwhile, market players continued to weigh the likelihood that the Organization of the Petroleum Exporting Countries will lower production when it meets later this month.
London-traded Brent prices have fallen nearly 32% since June, when it climbed near $116, while WTI futures are down almost 30% from a recent peak of $107.50 in June.
Concerns over weakening global demand combined with indications that OPEC producers will not cut output have weighed on prices in recent months.
Oil ministers from Iran, Libya, Venezuela, Ecuador and Algeria have asked for action to prevent further price declines, while Saudi Arabia and Kuwait have resisted calls to reduce production.
The 12-member oil cartel is scheduled to meet in Vienna on November 27 to discuss whether to adjust their production target for 2015.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.